SuperworthPalantir Technologies Inc. PLTR
- Market cap
- $466.5B
- PE
- 166×
- 10y median 372×
- Forward PE
- Price to sales
- 75.8×
- EV/EBIT
- 174×
- Revenue, 12 months
- $6.2B
- +79% on a year ago
- Net margin
- 49.0%
- Free cash flow yield
- 0.7%
Earnings nearly quadrupled and the stock stood still
Growth pulled the PE down from 695 to 164. The price still needs years more of it.
A year of swings left the price up just 7%
A year ago Palantir traded at 179.53. Today it is 192.07, up 7%. In between it peaked at 207.18 on 3 November 2025, fell to 107.27 on 25 June, then climbed 79% from that low. Up 7% while earnings nearly quadrupled.
Earnings nearly quadrupled in that year
Trailing earnings per share went from 0.30 to 1.17 dollars in twelve months, almost four times as much. Net income went from 763 million to 3.02 billion. On the adjusted basis analysts use, trailing EPS is 1.20.
The PE fell to 164, still more than double its peers
The PE peaked at 695 in August 2025. Today it is 164, below its median of 364.5 and lower than on 82% of days since late 2023, when Palantir turned profitable and this history begins. That is still about 2.4 times the 67.3 median of its seven industry peers. PEG, the PE divided by expected growth, is 2.74. That is above 62% of days, but well below its 4.89 high in February 2025.
Growth has sped up for eleven quarters running
Trailing revenue grew from 2.13 billion to 6.16 billion dollars in three years. The growth rate rose every quarter along the way, from 16% to 79%. The latest quarter, 1.94 billion, was almost double the same quarter a year earlier. Large software companies rarely speed up like this, and the price rests on it continuing.
Margins are at a record, but the cash yield is under 1%
Trailing operating margin went from a 3.2% loss to 42.8% in three years. Gross margin is 84.8%, the highest on record. Free cash flow over the last year reached 3.36 billion, yet at today's price that is a 0.73% yield. Sales are priced at 75 times, higher than on 82.5% of days since 2020, against a median of 29.8.
Consensus sees EPS up 74%, and that is still 92 times
Consensus sees adjusted EPS of 2.08 over the next twelve months, 73.5% more than the last reported twelve. At today's price that is 92 times earnings. The peer median is 54. The chart reads 101 because it still counts the September quarter, which has closed but not reported. The line before 25 September 2026 is rebuilt from today's estimates, so it has hindsight.
Consensus already has growth slowing
Consensus has quarterly revenue going only from 2.46 billion in December to 2.57 billion in March. It sees growth of 64.6% in the year to June 2027, down from 78.9%. Bulls note that 11.15 billion over the next four quarters would put sales at 41 times, from 75. Bears note the price needs the U.S. commercial surge to last for years. The report on 2 November is the next test.
What has happened lately
- NVIDIA, NVIDIA and Palantir bring sovereign intelligence to critical supply chainsA commercial tie-up that starts inside NVIDIA's own supply chain; U.S. commercial is the segment whose growth the valuation leans on most.
- Palantir (SEC filing), Palantir reports Q2 2026 revenue growth of 93% and raises full-year guidance to 82% growthQ2 revenue of $1.94B at a 47% GAAP operating margin; Q3 guide of $2.16B and 2026 guide of $8.15B, with U.S. commercial seen up at least 134%.
Headlines link to the original source.
Charts
Financials
| Income statement | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $608.4M | $634.3M | $678.1M | $725.5M | $827.5M+36% | $883.9M+39% | $1B+48% | $1.2B+63% | $1.4B+70% | $1.6B+85% | $1.9B+93% | |
| Cost of revenue | $108.6M | $116.3M | $128.6M | $146.6M | $174.5M+61% | $173M+49% | $192.9M+50% | $207.3M+41% | $216M+24% | $215.8M+25% | $296.9M+54% |
| Gross profit | $499.7M | $518.1M | $549.6M | $578.9M | $653M+31% | $710.9M+37% | $810.8M+48% | $973.8M+68% | $1.2B+82% | $1.4B+99% | $1.6B+102% |
| R&D | $109.3M | $110M | $108.8M | $117.6M | $171.5M+57% | $134.9M+23% | $135M+24% | $144.2M+23% | $143.6M−16% | $161M+19% | $192.5M+43% |
| SG&A | $324.6M | $327.2M | $335.5M | $348.2M | $470.4M+45% | $399.9M+22% | $406.4M+21% | $436.3M+25% | $471.9M+0% | $501.8M+26% | $534.1M+31% |
| $65.8M | $80.9M | $105.3M | $113.1M | $11M−83% | $176M+118% | $269.3M+156% | $393.3M+248% | $575.4M+5111% | $754M+328% | $912M+239% | |
| Interest expense | $136K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Pre-tax income | $106.2M | $110.7M | $140.8M | $157.2M | $80.5M−24% | $223.3M+102% | $332.2M+136% | $480.5M+206% | $621.4M+672% | $888.6M+298% | $1.1B+226% |
| $9.3M | $4.7M | $5.2M | $7.8M | $3.6M−61% | $5.6M+20% | $3.6M−31% | $3.8M−52% | $9.8M+171% | $12.2M+118% | $15.4M+328% | |
| Net income | $93.4M | $105.5M | $134.1M | $143.5M | $79M−15% | $214M+103% | $326.7M+144% | $475.6M+231% | $608.7M+670% | $870.5M+307% | $1.1B+225% |
| — | $0.04 | $0.06 | $0.06 | $0.03 | $0.08+100% | $0.13+117% | $0.18+200% | $0.24+669% | $0.34+325% | $0.41+215% | |
| 2.4B | 2.4B | 2.4B | 2.5B | 2.5B+7% | 2.6B+6% | 2.6B+6% | 2.6B+5% | 2.6B+2% | 2.6B+1% | 2.6B+0% |
From each company's 10-Q and 10-K filings. Fiscal years are four fiscal quarters added up; balance sheet lines are as of the period's end. Growth is on the same period a year earlier.
Estimates
Next earnings report: .
Analyst consensus for the next eight quarters, with the range from the lowest to the highest estimate, is part of Superworth Pro.
Peers
Companies in Software - Infrastructure within ten times Palantir Technologies's size, closest in size first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| PLTRPalantir Technologies Inc. | $466.5B | 166× | 372× | 75.8× | +79% | 49.0% | |
| ORCLOracle Corporation | $434.1B | 22.5× | 27.5× | 6.0× | +22% | 26.4% | |
| PANWPalo Alto Networks, Inc. | $331.8B | 332× | 116× | 28.9× | +24% | 2.7% | |
| FTNTFortinet, Inc. | $138.9B | 66.6× | 56.6× | 18.4× | +19% | 28.2% | |
| SNPSSynopsys, Inc. | $96.3B | 88.8× | 54.0× | 10.2× | +46% | 11.4% | |
| MSFTMicrosoft Corporation | $3.9T | 29.5× | 33.1× | 11.9× | +18% | 40.3% | |
| Peer median | $331.8B | 66.6× | 54.0× | 11.9× | +22% | 26.4% |
About
- Chief executive
- Alex Karp, since 2004FounderCo-founded Palantir in 2003, co-founder Peter Thiel has been chair since 2003. Source
- Founder chair
- Peter Thiel
- Industry
- Software - Infrastructure
- Sector
- Technology
Valuation data, not investment advice. Prices as of .